Five Ways to Reduce Your Van Insurance Premium

With the construction industry damaged by the economic downturn, traders and self-employed workers are feeling the pinch more than ever. Keeping insurance rates down is a great start to saving the pennies, so here are five ways to help reduce your van insurance premium.

Increase your voluntary excess

The simplest way to reduce your insurance premiums is to increase your voluntary excess. Voluntary excess is simply the amount of the claim you will have to pay in the event of an accident. Whilst this may save you money on your yearly expenses, you could end up having to pay significantly more if you’re involved in a serious accident, so balance this against the likelihood of needing to make a claim.

Pay Annually
Whilst it may seem easier and more convenient to pay your insurance premiums on a monthly basis, it can be more expensive. This is because insurance companies prefer their money upfront. When paying on a monthly agreement, your insurer could charge you interest rates. Price shouldn’t be your only consideration when you look for cover however, so look for a reliable provider such as The Co-operative Van Insurance for products at great prices.

Breakdown cover

Breakdown cover is essential for those who use their vans on a daily basis for business reasons. Having such cover however, increases your insurance premium, meaning if you want to save, you’ll have to do without. However, it’s important to consider the benefits of having breakdown cover. Not only can it be very reasonably priced, it also avoids you being stranded at the roadside or losing income from being unable to work as your van is off the road.

Pick up the phone

If you’ve been with the same insurer for a couple of years, you could reduce your premiums by switching. Loyalty doesn’t get you very far in the grand scheme of things. Explore alternatives by picking up the phone to insurers or visiting their company websites to get more information. Remember: don’t just go cheap – go for what you need.

Make your van more secure

Insurers offer the best prices to customers that are less likely to claim. Making sure your van is more secure is a great way to show insurers that you’re a ‘safe bet’. To make your vehicle more secure, there are a number of things you can do, such as fitting wheel locks, immobilisers, trackers and so on. Storing your vehicle in a safe place can also reduce your premiums, so if you own a garage and store it in a safe place, always notify your insurer.